Recent results from Chainalysis reveal that Vietnam, India, and Pakistan are the countries with the highest levels of cryptocurrency adoption for the second year in a row.
Rather than focusing on total transaction volume, the index ranks 154 countries based on their participation in peer-to-peer exchange trading activities. The bulk of the top-ranking countries, including Togo, Colombia, and Afghanistan, are early in economic development.
During this period, the United States dropped from sixth to eighth place, while China, which clamped down on bitcoin earlier this spring, dropped from fourth to thirteenth.
According to data, the worldwide usage of bitcoin has grown by more than 880 percent in the last year alone. The increase in the number of people turning to cryptocurrencies to protect their assets in the face of increasing costs has spurred development in developing countries. visit here it is the best app you can use to invest your money in bitcoin.
Among other emerging markets in Asia and Africa, Tanzania, Togo, Afghanistan, and the Philippines topped the top twenty countries.
A total of more than 60 nations provide information to government agencies, stock exchanges, financial institutions, insurance companies, and cybersecurity businesses. Several studies, including one conducted by Chainalysis, have shown that the number of people using peer-to-peer (P2P) bitcoin exchanges in Kenya, Nigeria, Vietnam, and Venezuela has more than quadrupled in the past year.
Even though P2P trade accounts for a significant percentage of all bitcoin activity records on blockchains. In 2020, the study will no longer utilize one metric: the number of deposits per country divided by the number of internet users (weighted average).
With a significant presence in Vietnam, Bitrefill, a company that allows customers to live on cryptocurrency by buying gift cards with bitcoin, has made a name for itself. Vietnamese President Tran Dai Quang stated that his country topped the list compiled by Kim Grauer, Chainalysis' research director.
Nigeria has a unique set of circumstances. « It has a large commercial crypto business, » according to Grauer.” Afghanistan, Cuba, and Iran are the top-ranking nations in a new index of cryptocurrency usage across the globe. In the opinion of analysts, it is challenging to assess bitcoin adoption at the grassroots level. According to one expert, “the method has a large blindspot.”
Argentine and Brazilian governments are the two countries in Latin America where decentralized finance (Defi) protocols use. Both South American nations came in 16th and 17th place, respectively, in the world's international rankings, behind only the United States of America, Vietnam, and Thailand.
It may indicate that the adoption of cryptocurrencies at the most basic economic levels is motivated by a desire to prevent inflation or make remittance transfers more convenient for the recipients.
In The Global Crypto Adoption Index, India Ranks Second
According to the crypto research site Chainalysis, India was rated second out of 20 nations with the most significant bitcoin adoption rate in the world in 2017. Vietnam took first place, followed by Pakistan in third place, and so on.
Between July 2020 and June 2021, the Chainalysis 2021 Global Crypto Acceptance Index evaluated 20 nations based on the amount of bitcoin adoption and use by people during that period. According to Chainalysis, global bitcoin usage increased by more than 800 percent in the last year, with the fastest growth occurring in developing countries.
Many of these marketplaces have restrictions on the amount of national currency transferred out of the country by citizens. According to Chainalysis, Bitcoin provides users with a means of circumventing such limits to fulfill their financial obligations.
The Bottom Line Is As Follows
Furthermore, the sector is expanding daily. With the introduction of new currencies and technological advancements regularly, the unknown element grows in importance. According to experts, individuals advise being aware of the dangers and being prepared to prevent irreversible losses.
Both South American nations came in 16th and 17th place, respectively, in the world's international rankings, behind only the United States of America, Vietnam, and Thailand. The bulk of the top-ranking countries, including Togo, Colombia, and Afghanistan, are early in economic development.
The increase in the number of people turning to cryptocurrencies to protect their assets in the face of increasing costs has spurred growth in developing countries.